Financial Performance Corporation Announces Fourth Quarter Results

NEW YORK, April 2 /PRNewswire/ --
Financial Performance Corporation (Nasdaq: FPCX) today announced results for
the quarter and year ended December 31, 2000, and the continued positive
impact that its two acquisitions is having on the financial condition of the
Company.
As previously reported, in January 2001, the Company acquired Willey
Brothers, a company that provides financial services firms with merchandising,
branch planning and design, and creative services. In March 2000, also as
previously reported, the Company acquired iMapData, a company that provides
online database solutions to its customers with access to market and economic
data in user-friendly mapped formats via digital computer software. In
January 2001, the Company announced that it had disposed of its interest in
its theretofore primary operating entity, Michaelson Kelbick Partners ("MKP").
The Company stated that the results reflect the continuing shift in the
Company's sources of revenues as its newly acquired subsidiaries become its
primary operating units, and the various costs associated with implementation
of the Company's strategy moving forward.
Assuming, on a pro forma basis, the acquisitions of Willey Brothers and
iMapData, and the disposition of MKP, all as of January 1, 2000, the Company
had pro forma EBITDA from continuing operations for the year ended
December 31, 2000 of $964,000, compared with historical EBITDA from continuing
operations for the same period which was a loss of $3,586,000. In the
Company's financial statements for the year ended December 31, 2000, the
operations of MKP have been classified as a discontinued operation with the
Company recording a loss on disposal of $687,000, or $(.06) per share in 2000.
At December 31, 2000, the Company had net income from discontinued operations
of $305,000, or $.03 per share, compared to $724,000, or $.08 per share in
1999.
Revenues from continuing operations for the three months ending
December 31, 2000 were $130,000. There were no revenues from continuing
operations in 1999. Operating loss from continuing operations was $2,272,000
for the fourth quarter of 2000. Operating loss from continuing operations for
the fourth quarter of 1999 was $1,009,000. Net loss from continuing
operations for the fourth quarter was $2,475,000, or $(.22) per share on a
fully diluted basis, compared with a net loss from continuing operations for
the same period in 1999 of $1,450,000, or $(.15) per share on a fully diluted
basis. The Company posted a net loss of $3,239,000, or $(.29) per share, on a
fully diluted basis, for the quarter ended December 31, 2000, compared to a
net loss of $1,418,000, or $(.15) per share, on a fully diluted basis, posted
in the quarter ended December 31, 1999. Included in the Company's net loss
from continuing operations for the quarter ended December 31, 2000, is a
non-cash item in the amount of $1,150,000, or $(.10) per share, related to a
reduction in goodwill.
For the 12 months ended December 31, 2000, revenues from continuing
operations were $1,834,000. There were no revenues from continuing operations
in 1999. Operating loss from continuing operations for 2000 was $4,685,000,
compared with $1,711,000 for 1999. Net loss from continuing operations for
2000 was $4,475,000, or $(.41) per share, on a fully diluted basis. In 1999
the Company's net loss from continuing operations was $1,587,000, or $(.17)
per share on a fully diluted basis. The Company posted a net loss of
$4,857,000 or $(.44) per share, on a fully diluted basis, for the year ending
December 31, 2000, compared to a net loss of $863,000, or $(.09) per share, on
a fully diluted basis, for the year ending December 31, 1999. Included in the
Company's net loss from continuing operations for the year ended December 31,
2000, is a non-cash item in the amount of $1,150,000, or $(.10) per share,
related to a reduction in goodwill.
"We are pleased with the contributions from our iMapData unit, which we
acquired last year, and look forward to the impact that Willey Brothers, which
we acquired in 2001, will have on our performance as we go forward," said
Jeffrey Silverman, Chairman and Chief Executive Officer of Financial
Performance Corporation. "With Willey Brothers as our primary operating unit,
and iMapData with its opportunities, we anticipate improved results in future
quarters."
Financial Performance Corporation provides financial services firms with
merchandising, branch planning and design, and creative services through its
Willey Brothers, Inc. subsidiary, and online database solutions with access to
market and economic data in user-friendly mapped formats via digital computer
software through its iMapData.com, Inc. subsidiary.
Certain statements in this press release may contain forward-looking
information under the Private Securities Litigation Reform Act of 1995, the
accuracy of which is necessarily subject to and involves risks and
uncertainties that may cause actual results to differ materially from the
forward-looking information. Forward-looking statements are subject to risks
and uncertainties that may cause the Company's results to differ materially
from expectations. These risks include the Company's ability to implement its
business strategy and development plans, the availability of sufficient
financings to expand operations, the integration of its acquisitions, as well
as competitive factors, and such other risks as the Company may identify and
discuss from time to time in its public filings.

SOURCE Financial Performance Corporation

NEW YORK, April 2 /PRNewswire/ --
Financial Performance Corporation (Nasdaq: FPCX) today announced results for
the quarter and year ended December 31, 2000, and the continued positive
impact that its two acquisitions is having on the financial condition of the
Company.
As previously reported, in January 2001, the Company acquired Willey
Brothers, a company that provides financial services firms with merchandising,
branch planning and design, and creative services. In March 2000, also as
previously reported, the Company acquired iMapData, a company that provides
online database solutions to its customers with access to market and economic
data in user-friendly mapped formats via digital computer software. In
January 2001, the Company announced that it had disposed of its interest in
its theretofore primary operating entity, Michaelson Kelbick Partners ("MKP").
The Company stated that the results reflect the continuing shift in the
Company's sources of revenues as its newly acquired subsidiaries become its
primary operating units, and the various costs associated with implementation
of the Company's strategy moving forward.
Assuming, on a pro forma basis, the acquisitions of Willey Brothers and
iMapData, and the disposition of MKP, all as of January 1, 2000, the Company
had pro forma EBITDA from continuing operations for the year ended
December 31, 2000 of $964,000, compared with historical EBITDA from continuing
operations for the same period which was a loss of $3,586,000. In the
Company's financial statements for the year ended December 31, 2000, the
operations of MKP have been classified as a discontinued operation with the
Company recording a loss on disposal of $687,000, or $(.06) per share in 2000.
At December 31, 2000, the Company had net income from discontinued operations
of $305,000, or $.03 per share, compared to $724,000, or $.08 per share in
1999.
Revenues from continuing operations for the three months ending
December 31, 2000 were $130,000. There were no revenues from continuing
operations in 1999. Operating loss from continuing operations was $2,272,000
for the fourth quarter of 2000. Operating loss from continuing operations for
the fourth quarter of 1999 was $1,009,000. Net loss from continuing
operations for the fourth quarter was $2,475,000, or $(.22) per share on a
fully diluted basis, compared with a net loss from continuing operations for
the same period in 1999 of $1,450,000, or $(.15) per share on a fully diluted
basis. The Company posted a net loss of $3,239,000, or $(.29) per share, on a
fully diluted basis, for the quarter ended December 31, 2000, compared to a
net loss of $1,418,000, or $(.15) per share, on a fully diluted basis, posted
in the quarter ended December 31, 1999. Included in the Company's net loss
from continuing operations for the quarter ended December 31, 2000, is a
non-cash item in the amount of $1,150,000, or $(.10) per share, related to a
reduction in goodwill.
For the 12 months ended December 31, 2000, revenues from continuing
operations were $1,834,000. There were no revenues from continuing operations
in 1999. Operating loss from continuing operations for 2000 was $4,685,000,
compared with $1,711,000 for 1999. Net loss from continuing operations for
2000 was $4,475,000, or $(.41) per share, on a fully diluted basis. In 1999
the Company's net loss from continuing operations was $1,587,000, or $(.17)
per share on a fully diluted basis. The Company posted a net loss of
$4,857,000 or $(.44) per share, on a fully diluted basis, for the year ending
December 31, 2000, compared to a net loss of $863,000, or $(.09) per share, on
a fully diluted basis, for the year ending December 31, 1999. Included in the
Company's net loss from continuing operations for the year ended December 31,
2000, is a non-cash item in the amount of $1,150,000, or $(.10) per share,
related to a reduction in goodwill.
"We are pleased with the contributions from our iMapData unit, which we
acquired last year, and look forward to the impact that Willey Brothers, which
we acquired in 2001, will have on our performance as we go forward," said
Jeffrey Silverman, Chairman and Chief Executive Officer of Financial
Performance Corporation. "With Willey Brothers as our primary operating unit,
and iMapData with its opportunities, we anticipate improved results in future
quarters."
Financial Performance Corporation provides financial services firms with
merchandising, branch planning and design, and creative services through its
Willey Brothers, Inc. subsidiary, and online database solutions with access to
market and economic data in user-friendly mapped formats via digital computer
software through its iMapData.com, Inc. subsidiary.
Certain statements in this press release may contain forward-looking
information under the Private Securities Litigation Reform Act of 1995, the
accuracy of which is necessarily subject to and involves risks and
uncertainties that may cause actual results to differ materially from the
forward-looking information. Forward-looking statements are subject to risks
and uncertainties that may cause the Company's results to differ materially
from expectations. These risks include the Company's ability to implement its
business strategy and development plans, the availability of sufficient
financings to expand operations, the integration of its acquisitions, as well
as competitive factors, and such other risks as the Company may identify and
discuss from time to time in its public filings.
SOURCE Financial Performance Corporation